Derbyshire-based components maker Cirqual reported a 20% drop in half-time profits last week, blaming difficult trading conditions.
Chairman Tony Gartland said he expected conditions to remain tough in the second half but said new products were due to come on stream before the end of the financial year.
Profits of £4.01m, down from £5.01m, were in line with a January warning. Profits for the aerospace components business fell because of price pressures and a shift towards lower-margin work.
Cirqual’s telecoms components business, which makes printed circuit boards for mobile phone base stations, held up during the six months.
Shareholders will get an interim payout of 4.1p a share, unchanged on last year. Large investors include corporate developer GWB, which set Cirqual up and retains a 28% holding.